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Sompo Holdings and Endurance Specialty Holdings announced that they have entered into a definitive agreement for the acquisition of 100% of the outstanding ordinary shares of Endurance by Sompo for $93 per share in cash. The aggregate consideration is approximately $6.3B, which represents approximately a 40.3% premium to Endurance's closing share price on 3 October 2016 and approximately a 41.6% premium to the average share price over the last 3 months. The acquisition has been approved by the Board of Directors of Endurance and is subject to Endurance shareholder approval at a shareholders' meeting. The acquisition will be effected through Sompo's wholly owned subsidiary, Sompo Japan NI Inc. and will be financed with existing sources of liquidity and supplementary facilities without a financing contingency. The transaction is subject to the clearances and approvals of applicable regulatory authorities, as well as other customary closing conditions. It is expected that the transaction will close before the end of SOMPO's current fiscal year end, or 31 March 2017.

01

Nov

ENHEndurance Specialty

$87.87

22.91 (35.27%)

07/11/16

KBWI

07/11/16UPGRADEKBWIOutperform

Endurance Specialty upgraded to Outperform at Keefe Bruyette

Keefe Bruyette upgraded Endurance Specialty Holdings to Outperform from Market Perform with a $79 price target on a transfer of coverage. The firm views the company's transformational story as compelling and highlights Endurance's recent margin improvement.